Midterm elections are typically sleepier than presidential campaign years, so it’s genuinely shocking to see how much money is being unleashed, especially into GOP coffers, by the hyper-wealthy this cycle. Corporate political donations have reached a record of $646 million this cycle, which is 40% above what was spent on the 2024 presidential election from this sector. Another $1 billion — and likely much more — has been spent by dark money donors. While some of this money goes to Democrats, Republicans are by far the bigger beneficiaries, as moneyed interests focus their immense resources on trying to stop what looks very much to be a blue wave election.
At first blush, this torrent of spending is a little odd. Donald Trump will still be president for the next two years, making it impossible even for a robust Democratic majority in Congress to raise taxes on the rich, the concern that usually drives such campaign meddling. What’s going on become much clearer looking over the industries driving the spending, at least what can be traced publicly: over half of the corporate spending comes from the tech industry, specifically companies that invest in AI, cryptocurrency and online gambling. The pattern suggests that Silicon Valley is focused on destroying the burgeoning movement for tech accountability, before it has a chance to grow enough in power to actually pass laws constraining the industry once a Democrat retakes the White House.
